CLAR - Maran Partners Fund Q1 2024 Letter

2024-05-01 10:20:00 ET

Summary

• Maran Capital is a value-driven, concentrated, long-term investment manager focusing on small-cap stocks and special situations because we believe these are the most inefficient corners of the market.
• Many of our special situation trades are uncorrelated to the market and I believe this has helped us generate solid results with less risk.
• The top five positions in the portfolio remain unchanged, with potential for significant growth and value appreciation in the coming years.

Dear Partners and Friends,

In the first quarter, the partnership returned +3.4%, net of all fees and expenses. ¹

In 2018, I wrote, “Headlines highlight risks regarding interest rates, the Fed, China, house prices, auto sales, trade wars, and more. Uncertainty abounds.”...

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